Simple Tips for a Simple Living

Buying an apartment on credit – what to check?

When you buy an apartment on credit it is because you think about the future. Looking only at the current situation we may very easily fall into a fairly large trap. Of course, you know where to look and what to avoid if you consider the purchase of property which, although initially seems a dream can be quite troublesome place of residence.

Ed Yourdon / photo on flickr

First of all, very carefully check land register. But which parts should you be interested in the most? All of them! Special attention should be also paid to the second chapter, which contains information on those before us who signed a preliminary agreement to purchase. Third and fourth chapters may be interesting for other reasons. They contain all restrictions on the disposal of real estate that will concern us. At this point, we should also check the notary deed under which the previous owner bought the property. It may contain, for example, such tricks as information on a life estate agreement, which in practice may mean that we will have a tenant until he dies.

By the way, we should also see if purchased property is not registered and that no one in the apartment has any debt, such as the media. In addition, we should also check out the neighbourhood. I do not think we want to live near the council or social housing, which often are assigned to people that come from the so-called underclass or low class. We should also check make sure that the neighbouring area is not under construction, especially when we buy an empty plot of land near the window, we can be almost certain that one day it will turn into a construction site. Housing loan will accompany us at least for several years, so you should think about your future at ;east a few years forward in order to avoid disappointment.

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